APF Pension Fund is the pension fund for employees and former employees of AkzoNobel or Nouryon. The mission of the fund is as follows: to administer the pension scheme as agreed by the employer and trade organisations after the Board’s assessment of its financial feasibility and practicability.
To be in a position to implements its mission, APF Pension Fund focuses on maintaining a healthy financial position, the balanced consideration of interests, the achievement of the best investment result possible at acceptable risk levels, the adoption of a cost-efficient and risk-aware approach and organisation, socially responsible implementation and clear communication. These tasks have been conferred on a number of different bodies: Board, Committees, Accountability body and Supervisory Board.
Mission, vision, strategy
Board of APF Pension Fund
The pension fund is managed by the Board, which is also responsible for administering the pension scheme. The pension fund board consists of the following members:
|On behalf of the employers
||On behalf of the employees
||On behalf of retirees
|Gerrit Willem Gramser
||Dick Luijckx (deputy chair)
||Han Jalink (chair)
|Bart Kaster (treasurer)
The following committees are in place in the pension fund:
- Investment committee
The investment committee advises the Board on investment policy, being both general investment policy and more specific matters. The investment committee also issues the asset manager with guidelines on the investment of the monies available and management of the fund’s assets.
- Communication committee
This committee prepares communication policy and guides the implementation of policy by the implementing body.
- Pension committee
This committee is responsible for all matters relating to the outsourcing of the pension administration and any policy issues that arise in relation to the pension scheme. It is also responsible for managing and rendering account on some operational risks.
- Audit committee
This committee is responsible for the audit function, which includes auditing primary and secondary activities.
- Risk management committee
This committee is responsible for the second line of defence. It is also responsible for the overall IRM cycle, in terms of structure, existence, implementation and compliance. This committee advises the Board on risk management.
APF Pension Fund has an Accountability Body. The pension fund board is accountable to the Accountability Body for its policies and the manner in which they are implemented. The Accountability Body has an important advisory task too and advises the Board on a number of matters, including communication with stakeholders, compensation policy, the administration agreement with the employer and the way in which complaints and disputes are handled.
The accountability body consists of 8 members:
|On behalf of retireees
||On behalf of employees
|Gert van den Berg
||Boudewijn van Schaik
|Loek van Driel
|Geert van Alpen
The Supervisory Board monitors the policy pursued by the Board and the general course of events in the pension fund. Amongst other things, the Supervisory Board ensures that risk management is satisfactory and that the Board adopts a balanced approach to its consideration of interests.
The Supervisory Board also has a number of rights of approval - in relation to the adoption of the annual report, the annual accounts and compensation policy, for example. The Supervisory Board consists of 3 independent members. They do not have any connections with APF Pension Fund other than their membership of the Supervisory Board:
|Dirk Jan Smit
APF Pension Fund pursues a sound compensation policy that does not encourage more risk being taken than is acceptable for the fund. APF Pension Fund has described its compensation policy.
The pension fund board is responsible for administering the pension scheme. Operational implementation of the pension administration and asset management has been outsourced to Achmea Pensioenservices and Achmea Investment Management respectively. Strategic property consultancy and portfolio management have been placed with Sweco Capital Consultants and socially responsible investment services with BMO.
The Executive Office supports the Board and coordinates and monitors all of the activities that have been outsourced.